The Bank of England, the European Central Bank, the American Fed, and the Bank of Japan are all talking a lot about inflation, but none are embracing any real change.
Standard Keynesian theory posits that if the economy slows, government can revitalize it by increasing spending, which supposedly creates new demand. But government can't create something from nothing.
Once upon a time, the progressive hero was "socialist man." Today, we have "Davos man," who is ready to plan your life for you—your wishes notwithstanding.
One will occasionally hear from a libertarian activist that Disney World is some sort of model for totally private governance. This is a huge exaggeration of the reality.
While the Fed governors claim "all is well" and that inflation is "transitory," the bad news continues to pile up. Inflation will be with us for a long time.
Disney's special legal status in Florida is reminiscent of the mercantilist corporations of old. They were granted favors at the expense of ordinary businesses who did not enjoy the favor of state officials.
